So, JPMorgan Chase loses $9 billion under the watch of their Chief Investment Officer Ina Drew, so they fire her, and they are letting her walk with millions of dollars:
JPMorgan Chase & Co. (JPM)’s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options.
Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause,” according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.
A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7 million based on the May 14 closing price, $9.7 million in deferred compensation and $2.6 million in pension pay as of Dec. 31, according to company filings. Altogether, Drew’s stock, pension and deferred pay come to about $57.5 million.
“She was with that company for a long time,” said Frank Glassner, a partner at Meridian in San Francisco. “She was an incredibly talented, well-thought-of employee, not only within the company but on the Street. A lot of this money had been earned over a great deal of time, not just yesterday.”
Obviously, part of this is money already earned, but unvested shares? For ordinary people, if you leave, the unvested shares are gone.
Seriously, am I the only one who thinks that this is hush money?
H/t Felix Salmon